The management of risk is a considered business decision and a competitive weapon.
Law firms are, thanks to their nature, exquisitely fragile and unstable businesses. They can be stabilised, however, stability is a process, a consistent pattern of action over an extended period of time. Practitioners permanently face the spectre of complaints and law suits. Their conduct often leads to claims against the Legal Practitioners’ Fidelity Fund and Attorneys Insurance Indemnity Fund.
They must do all they can to protect their firms, their clients and the Funds from practice management risks. The best way a law firm can avoid complaints and possible claims is by analysing its policies, processes, and procedures for weaknesses and devising appropriate ones to minimise risks.
Information technology has brought immense benefits and advantages to law practices. The opposite is also true in that information technology has brought about risks to both the law firm and its clients. These risks have the potential to cripple a law firm by, inter alia, violating the rules of confidentiality or leading to loss of information – both of which can lead to claims.
This note briefly discusses internet-related risks and how to deal with them.
Click here for full article